About That Latest Homeowner Save
- Thread starter Mr. Bill
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Would be an odd October surprise. I don't think it would work to save them in the election, it might cost more votes than it gets if they do it. If the (true) idea that all the money that is handed out has to actually come from someplace gained steam here, then I would believe the majority of people would backlash against something like this.
It also should have the effect of further depressing the housing market. It would devalue real estate even further, sort of how the value of automobiles that are sold at manufacturer pricing with huge discounts have depressed resale values.
I have heard multiple reports saying that the administration was never even considering doing this, but that makes me wonder where all the chatter about it came from.
It also should have the effect of further depressing the housing market. It would devalue real estate even further, sort of how the value of automobiles that are sold at manufacturer pricing with huge discounts have depressed resale values.
I have heard multiple reports saying that the administration was never even considering doing this, but that makes me wonder where all the chatter about it came from.
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- #3
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I'm afraid the current version of the Democrat party simply doesn't drill down this far when they consider macroeconomic strategy.
Aside from the obvious reason for doing this - buying votes, possibly jumping the shark on any credibility - their spin would be "we're helping the peeeeple, we're helping the peeeeple", without giving moment's thought to what the downstream effects would be.
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- 14,808
When we are going to have a program for people who didn't buy too much house, live within their means, pay their bills on time and save.
Clearly, you're not paying attention.
In today's America, those who work hard, play by the rules, stay disciplined and sacrifice are considered "greedy".
Greedy people don't deserve anything good.
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- 14,808
Takes two to tango regarding the mortgage crisis. I read what was supposed to be a tear-jerker about a husband and wife getting evicted when their ARM adjusted.
Turns out she made like $22K a year and the husband made around 30K a year but their mortgage payment even before the adjustment was $2,000 a month. The wife was quoted as saying they found their "dream house."
Do that math; $55K combined and say they paid zero taxes. That's $4,500 a month in income which means just over 40% went to their mortgage.
Now, yes - the bank was at fault for loaning them the money and certainly their broker lied. Doesn't change the fact that two morons earning 55K a year initiated the entire process.
I sold Beemers for a while. Since I pulled credit on every one of my customers I got to see their income. I'm going out on a limb, from memory and will say that about 70% of everyone I sold a Beemer to, based on their income, was making a retarded financial decision.
Turns out she made like $22K a year and the husband made around 30K a year but their mortgage payment even before the adjustment was $2,000 a month. The wife was quoted as saying they found their "dream house."
Do that math; $55K combined and say they paid zero taxes. That's $4,500 a month in income which means just over 40% went to their mortgage.
Now, yes - the bank was at fault for loaning them the money and certainly their broker lied. Doesn't change the fact that two morons earning 55K a year initiated the entire process.
I sold Beemers for a while. Since I pulled credit on every one of my customers I got to see their income. I'm going out on a limb, from memory and will say that about 70% of everyone I sold a Beemer to, based on their income, was making a retarded financial decision.
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Part of the mess that fueled the Fannie Mae and related crisis is that banks got bonus points for making bad loans. In order to maintain their access to government guarantees banks had to show that they were aggressively implementing the goals of the Community Reinvestment Act which means that they needed to demonstrate that a certain number of their loans were actually going to people who would otherwise not be able to afford housing (in other words, didnt qualify for a loan) So to say that "the bank was at fault for loaning them the money" is true from one angle but from another angle they may have been doing what the government told them to do and what make good business given the fact that the government was guaranteeing the crap. And the rest is history. What a mess.
I'll tell ya. We can characterize the Canadians as a bunch of pinko socialists but this housing crisis thing is certainly a bullet they dodged by staying with sound lending practices. They have done very well through it all by staying with 1970 style lending practices. You can hang it all on the global recession but the whole field was/is just totally out of control and a dumping ground for whatever Barney and Fannie thought was right.
Don't even get me going on Maxine Waters and her bullshiterious defense of "the outstanding leadership of Franklin Raines." Of course as Charpress highlights from time to time, karma does come around. The quicker it reaches that bitch's door the better.
Barney Frank and Christopher Dodd and their entourage committed economic war crimes against this country and in my mind I have a special place for them reserved out on the National Mall.
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The neighborhood we were living in started to take a dump. Not only that but after we had our son we found out that the school he'd be going to was literally the worst rated in the county.
Problem was, my credit took a dump after moving from selling Beemers to getting tangled up with Mega. Then I went indie and started making great money.
We moved into the place I'm at now - great school system and rented. Closing in on our first year I applied for a mortgage only to be told the obvious; with recent credit blemishes and being newly self-employed - forget it.
I went online to get more quotes and a broker told me that without a shadow of a doubt he could get me a "stated income" mortgage. He told me, verbatim that he could "play around with some things" and get me an approval.
I turned him down...but it wasn't easy. Who wants to rent? How good did that decision turn out to be? This house was brand new when we moved in, but our landlord....and the entire community is about 80K buried.
Now we've grown a brain and said "why the hell are we going to buy a frick'n townhouse for 400K when we could move somewhere like the Myrtle Beach area and buy a place for $250?" Now everything credit-wise is great....but we don't want a 400K mortgage.
So, in around 2 years we're off to purchase a house down there. In the mean time, one of our very good friends and neighbor is hosed. He got promoted to a Veep position as his company and now works in NY. They have three kids but he actually commutes from MD to NY because they can't sell their house. So much for their "investment."
Problem was, my credit took a dump after moving from selling Beemers to getting tangled up with Mega. Then I went indie and started making great money.
We moved into the place I'm at now - great school system and rented. Closing in on our first year I applied for a mortgage only to be told the obvious; with recent credit blemishes and being newly self-employed - forget it.
I went online to get more quotes and a broker told me that without a shadow of a doubt he could get me a "stated income" mortgage. He told me, verbatim that he could "play around with some things" and get me an approval.
I turned him down...but it wasn't easy. Who wants to rent? How good did that decision turn out to be? This house was brand new when we moved in, but our landlord....and the entire community is about 80K buried.
Now we've grown a brain and said "why the hell are we going to buy a frick'n townhouse for 400K when we could move somewhere like the Myrtle Beach area and buy a place for $250?" Now everything credit-wise is great....but we don't want a 400K mortgage.
So, in around 2 years we're off to purchase a house down there. In the mean time, one of our very good friends and neighbor is hosed. He got promoted to a Veep position as his company and now works in NY. They have three kids but he actually commutes from MD to NY because they can't sell their house. So much for their "investment."
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Barney Frank and Christopher Dodd and their entourage committed economic war crimes against this country and in my mind I have a special place for them reserved out on the National Mall.[/QUOTE]
Too bad Barney isn't a resident of Iran-- they hang 'em high over there...
Too bad Barney isn't a resident of Iran-- they hang 'em high over there...
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